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Planning the Entrepreneurial Venture

© 2014 Ewing Marion Kauffman Foundation

 BECOMING AN
ENTREPRENEUR
FastTrac® | Planning the Entrepreneurial Venture

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© 2014 Ewing Marion Kauffman Foundation
 BECOMING AN ENTREPRENEUR

ENTREPRENEURS
FastTrac® | Planning the Entrepreneurial Venture

Entrepreneurs are
people drawn to
pursuing a passion.

© 2014 Ewing Marion Kauffman Foundation 1_A

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ENTREPRENEURS
FastTrac® | Planning the Entrepreneurial Venture

 Recognize opportunities.
 Meet the needs/wants of others.
 Manage risk.
 Identify customers.
 Take action.
 Find resources.
 Build a team.

© 2014 Ewing Marion Kauffman Foundation 1_B

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ENTREPRENEURS
FastTrac® | Planning the Entrepreneurial Venture

A process through
which people and
teams pursue
opportunity, use
resources, and
initiate change to
create value.

© 2014 Ewing Marion Kauffman Foundation 1_C

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Entrepreneurial Character Traits

FastTrac® | Planning the Entrepreneurial Venture

 Desire  Self-discipline
 Energy  Self-confidence
 Thrive on uncertainty  Social responsibility
 Determination  Ethics
 Responsibility  Value appropriate
 Persuasiveness control systems

© 2014 Ewing Marion Kauffman Foundation 1_D

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Entrepreneurial Skills,
FastTrac® | Planning the Entrepreneurial Venture

Knowledge, and Abilities

 Problem solving  Business knowledge

 Market awareness  Good people judgment
 Low support needs

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Personal Vision Lifestyle Criteria

FastTrac® | Planning the Entrepreneurial Venture

 Work hours
 Flexibility
 Desired location
 Travel
 Morals, beliefs, and standards
 Physical requirements
 Family involvement

© 2014 Ewing Marion Kauffman Foundation 1_F

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Personal Vision Professional Criteria

FastTrac® | Planning the Entrepreneurial Venture

 Power or status
 Involvement in daily operations
 Expertise, skills, and preferences
 Job security
 Future professional goals
 Growth or lifestyle business

© 2014 Ewing Marion Kauffman Foundation 1_G

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Personal Vision Financial Criteria

FastTrac® | Planning the Entrepreneurial Venture

 Personal financial obligations

 Future personal income
 Business profit
 Personal investment
 External money sources
 Exit strategy

© 2014 Ewing Marion Kauffman Foundation 1_H

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Planning Documents
FastTrac® | Planning the Entrepreneurial Venture

Business Concept Statement

Summarizes a set of cohesive ideas about how to
create and deliver value to a market.
Business Plan
Articulates business concept, opportunities, entry
strategy, entrepreneur’s role, management team,
potential market, and financial requirements.
Identifies potential problems, risks, and trade-offs.

© 2014 Ewing Marion Kauffman Foundation 1_I

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Value of Business Planning

FastTrac® | Planning the Entrepreneurial Venture

 Guides the start-up process.

 Forces entrepreneur to consider
all aspects of feasibility.
 Exposes flaws in business concept.
 Serves as tool for raising money.
 Provides road map for operating business.

© 2014 Ewing Marion Kauffman Foundation 1_J

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Why Write a Business Plan?

FastTrac® | Planning the Entrepreneurial Venture

 To prove the business is feasible.

 To identify
– Amount of funds needed.
– Management team and infrastructure.
– Product and service prototypes.
– Customers and market-penetration methods.
– Cash break-even on new venture.

© 2014 Ewing Marion Kauffman Foundation 1_K

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Start-Up Business Plan

FastTrac® | Planning the Entrepreneurial Venture

 Cover Page
 Table of Contents
 Executive Summary
 Product/Service Plan
 Management/Organization Plan
 Marketing Plan
 Financial Plan
 Appendix

© 2014 Ewing Marion Kauffman Foundation 1_L

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Run KC
FastTrac® | Planning the Entrepreneurial Venture

1. Based on the Scenario 1.4.4, what entrepreneurial

characteristics does Tim possess and what evidence
in the scenario supports this?
2. What steps has Tim taken to prepare himself to take
on this business venture?
3. What are the lifestyle, professional and financial
objectives Tim has identified in his personal vision?
4. What should Tim’s next steps be?

© 2014 Ewing Marion Kauffman Foundation 1_M